Andy has me blocked. You’re comparing two completely different systems. Most preferreds: → fixed yield, price absorbs volatility → slow resets (quarterly to multi-year) → thin liquidity → static collateral STRC: → yield actively resets to maintain par → VWAP-driven adjustment mechanism → continuous liquidity via multiple agents → Bitcoin-backed So yes — volatility compresses. Yes — Sharpe expands. That’s not fraud. That’s structure.